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Japan's Failed Pensions

Updated May 24, 2004 12:01 a.m. ET

In the past few weeks, Japan's creaky pension system has racked up political casualties. On May 7, Chief Cabinet Secretary Yasuo Fukuda quit after admitting his failure to pay premiums. Then, more recently, even Prime Minister Junichiro Koizumi's office has had to admit that Mr. Koizumi, too, dodged pension payments for over six years. One casualty we'd like to see is the state pension system itself.

Mr. Koizumi looks likely to survive the storm, if only because many of the potential stone throwers find themselves in glass...